Owens & Minor ( (OMI) ) has released its Q3 earnings. Here is a breakdown of the information Owens & Minor presented to its investors.
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Owens & Minor, Inc. is a Fortune 500 global healthcare solutions company that provides essential products and services supporting healthcare from hospitals to homes, with a focus on patient care and medical distribution.
The company reported its third-quarter 2024 financial results, highlighting a consolidated revenue growth of 5% year-over-year, driven by solid demand in its Patient Direct and Medical Distribution segments. Additionally, Owens & Minor achieved a significant reduction in total debt by nearly $200 million during the quarter.
Key financial performance metrics for the third quarter included a consolidated revenue of $2.7 billion and an adjusted EBITDA of $142 million, both reflecting a 5% increase compared to the previous year. Despite a GAAP net loss of $13 million, the company reported an adjusted net income of $33 million. The Patient Direct segment saw a 6% increase in revenue, primarily due to strong sales in diabetes and sleep supplies, while the Products & Healthcare Services segment also experienced a 5% revenue increase.
Looking ahead, Owens & Minor’s management expressed confidence in continued growth and improved cash flows as they approach the end of 2024 and enter 2025. The company anticipates benefits from seasonality and recent investments across its segments, with an optimistic outlook for further development and profitability.
